Universities influence local economies by generating gross real goods and services from institutional expenditures and personal expenditures of staff, students and visitors. A simple minimum cost methodology for determining the extent of the economic impact of a university on its local economy is described and illustrated. Local income, jobs, and business investment opportunities created as a result of staff, students, visitors and university expenditures are estimated. Estimates of multipliers for expenditures, initial income, and employment are used to yield economic impact in terms of generated local income and local jobs supported by the university. This methodology is applied to show the University of Calgary's economic impact on the city of Calgary for three years. (Author)